Sectors

CoCo Innovations

CloudCoCo Ecosystem

GDPR is the opportunity of a generation

FUD seems to be the presiding discussion point around GDPR. Fear, Uncertainty, Doubt. It goes without saying that failure to comply brings risks of fines and bad press, but we believe GDPR represents the excuse you’ve been looking for to update your data practises, optimise your costs and grow your business in the process

By now, anyone who pays interest in the threats and risks to their business will be aware of GDPR and see the incoming regulation as an existential threat to everything they have worked for.

Is the current way of doing business changing? Is it becoming more difficult for you to find and attract customers? How are you going to proceed from now on? Fear, changes, training, fines, guidance and some more fear on top. Is GDPR something new and why is everyone making all those changes now? How can my business benefit from GDPR? If not all, certainly some of those questions will have probably crossed your mind by now. But the real question is should all this make you feel threated or excited?

I sit and scratch my head (both figuratively and literally) when I look at the incredible opportunities which the new regulation brings to business and I wonder why the regulation hasn’t been reframed in a better way. Maybe now is the time? Its not too late, as the regulation will become law and will need to be managed accordingly.

Instead of considering the risks, business should be exploring the opportunities

Opportunity number 1 – Out with the old

Typically, people have been slow to conduct data hygiene activities due to a feeling of “just in case”:

“Just in case the contact might possibly respond to the latest tweaked message”

“Just in case the contact might go elsewhere”

“Just in case our product line changes to match the contact’s needs”

FORGET THESE. The opportunity to finally move forward from “just in case” to better CRM practices is one you should embrace and one that GDPR best practice demands.

Stop creating those large bulk emails who you are mass sending out to all your contacts, this era is no longer relevant. Customers want targeted communications to their needs which are constantly changing. This will not only save the hassle (and possibly irritation) to your customers, it will also save you time.

GDPR gives you an opportunity to really understand your customer’s needs; take advantage of that and tailor your communications according to each individual customer’s needs. Devote enough time for this and all this effort will come back to you with positive results.

Getting rid of “just in case” means that you aren’t spamming your potential customers. The organisations who have the credibility and integrity to delete old, useless contact information are the ones who will receive a purer communication with customers. As a result, GDPR can help you achieve a more effective email marketing strategy.

Opportunity number 2 – ‘If it doesn’t exist it can’t be breached’

Data breach refers to not only someone breaking into your system and stealing data, but your business accidentally erasing data; and this needs to be reported. Although:

Why would you hold on these data? If its “just in case” data, you are not complying with the regulations and you are right in finding GDPR to be a threat. But the solution is right in front of you. There is no reason for you to hold onto data for which there is no legal defence or no obvious use or benefit. If someone breaks in and starts siphoning the data, you need to report it. You need to place mechanisms for providing that information to someone who asks to see their data. Imagine the following scenarios:

Former client issues a Subject Access Request (SAR). Your business then has to search through all email, CRM, file storage, databases, paperwork, cabinets, off-site paper archives and any third parties which could possibly be involved. How much will that cost? Can your systems deliver that information?

Former client issues a SAR. You have purged your systems and have kept a record of minimal information about deleted contacts in a “suppression list”. This list is legally defensible (and recommended by the Information Commissioner’s Office, the ICO) and means that when Former Client raises an SAR a quick reference to the suppression list will allow you to honestly and legally respond with a categorical “We hold no data on you”. Five minutes of resource? Less.

Holding the bare minimum of data can help your business mitigate so many legal obligations, it makes the true cost of “just in case” information quite high. (does this mean costs are less?? If yes, maybe the next opportunity is not needed to mention)

Opportunity number 3: -Trimming those costs down

Assuming you have managed to effectively take advantage of opportunities number 1 and 2, you managed to transform your business into one which not only is compliant with the GDPR laws, but also manages to operate under lower cost, more targeted communications and have also saved time, awesome!

You are now in a very good position and you are ready to attract more customers. Let’s suppose for a second that your competitor has had a data breach, has lost reputation and is losing customers. If your service is above average, then the customer is highly likely to switch to your offerings. Think of GDPR as a simple tool helping you attract more customers; if your service is good enough you are also going to retain them.

Opportunity number 4: – Focus on the 2%-

Think about your database for a second. You may not remember the exact figure now so let’s say they are 100,000 contacts. You email them, religiously, every week. Every week you have a “hit rate” of 2,000 replies (2%).

Now imagine, how many contacts have put your email address in their junk folder?

How many email addresses are still ‘live” but no one checks them?

Don’t get sad. A 2% hit-rate on emails is not fantastic and you are probably going to wonder where did the 98% go. Yet, organisations who take a more mature view (“size isn’t important”) and focus on the hard-core of active respondents will be able to direct their attention and achieve real value from their engagement with people who actively involve themselves in the messaging.

You are still thinking about that 98%, aren’t you? Stop.

GDPR should help you realise that this 2% of respondents is where the gold is. These are people who have read and replied to the message. Are they 100% certain to buy immediately?

Yes, no, maybe.

What they are doing, though, is signalling that your business is worth their time. Taking that simple feedback and building a trusted relationship, based on a two-way communication can strengthen the relationship between buyer and seller. If you are, or appear to be, the “good guys” then you are more likely to receive a personal recommendation –which as you probably know is the best form of sales-. So, even if your product is not exactly what the client is looking for at this time, they are definitely going to consider your offerings in the future and your business will hopefully be recommended to others as soon as the need for it arise.

Who wouldn’t want to deal with someone who respects them and appears – at least – to be selfless in their efforts to help?

Opportunity number 5: Be the trustworthy option

Given the present GDPR outbreak, customers are actively looking for assurances that their data will be safe. By meeting and surpassing GDPR regulations, your business will be able to stand stronger and this can help you differentiate from competitors. Think of your business as a bank which lets customers store their data; would you trust a bank having a reputation of losing data? No, I wouldn’t either. Ultimately, GDPR will bring a new level of transparency which could lead to customers trusting brands more and having the confidence to share more data. Its definitely an opportunity, not a threat.

The UK’s largest network of insurance brokers, recently said that GDPR is “an opportunity for them (brokers) to go out and speak to their customers”. You have the chance to get to know your customers on a new level; apply that to your marketing and sales, offer a clearer service and protect your reputation.

Finally,

The difference between the ones who view GDPR as a game-changing opportunity rather than an existential threat is that some will attract customers and some will lose customers. Well yes, that’s the normal way business is done but with GDPR this process can be a lot faster. One single incident of a data breach within a business can lead to x more customers leaving that business while a GDPR-compliant business can attract 10x more customers. Because customers are feeling as threatened as you are (or hopefully were, before reading this) and they are thus a lot more likely to easily switch to another provider.

Turn the 4% around as an incentive to improve profitability; adopt good data hygiene and governance. Being GDPR compliant should not come up as news for anyone. The laws included are essential tools for healthy and fresh businesses. Get rid of the fear around regulations and make your business GDPR compliant today. Try and think of GDPR as a consultant; by following his advice and taking advantage of the opportunities he brings to the table, you can achieve more and better business, why would you ignore his advice?

By now, anyone who pays interest in the threats and risks to their business will be aware of GDPR and see the incoming regulation as an existential threat to everything they have worked for.

Is the current way of doing business changing? Is it becoming more difficult for you to find and attract customers? How are you going to proceed from now on? Fear, changes, training, fines, guidance and some more fear on top. Is GDPR something new and why is everyone making all those changes now? How can my business benefit from GDPR? If not all, certainly some of those questions will have probably crossed your mind by now. But the real question is should all this make you feel threated or excited?

I sit and scratch my head (both figuratively and literally) when I look at the incredible opportunities which the new regulation brings to business and I wonder why the regulation hasn’t been reframed in a better way. Maybe now is the time? Its not too late, as the regulation will become law and will need to be managed accordingly.

Instead of considering the risks, business should be exploring the opportunities

Opportunity number 1 – Out with the old

Typically, people have been slow to conduct data hygiene activities due to a feeling of “just in case”:

“Just in case the contact might possibly respond to the latest tweaked message”

“Just in case the contact might go elsewhere”

“Just in case our product line changes to match the contact’s needs”

FORGET THESE. The opportunity to finally move forward from “just in case” to better CRM practices is one you should embrace and one that GDPR best practice demands.

Stop creating those large bulk emails who you are mass sending out to all your contacts, this era is no longer relevant. Customers want targeted communications to their needs which are constantly changing. This will not only save the hassle (and possibly irritation) to your customers, it will also save you time.

GDPR gives you an opportunity to really understand your customer’s needs; take advantage of that and tailor your communications according to each individual customer’s needs. Devote enough time for this and all this effort will come back to you with positive results.

Getting rid of “just in case” means that you aren’t spamming your potential customers. The organisations who have the credibility and integrity to delete old, useless contact information are the ones who will receive a purer communication with customers. As a result, GDPR can help you achieve a more effective email marketing strategy.

Opportunity number 2 – ‘If it doesn’t exist it can’t be breached’

Data breach refers to not only someone breaking into your system and stealing data, but your business accidentally erasing data; and this needs to be reported. Although:

Why would you hold on these data? If its “just in case” data, you are not complying with the regulations and you are right in finding GDPR to be a threat. But the solution is right in front of you. There is no reason for you to hold onto data for which there is no legal defence or no obvious use or benefit. If someone breaks in and starts siphoning the data, you need to report it. You need to place mechanisms for providing that information to someone who asks to see their data. Imagine the following scenarios:

Former client issues a Subject Access Request (SAR). Your business then has to search through all email, CRM, file storage, databases, paperwork, cabinets, off-site paper archives and any third parties which could possibly be involved. How much will that cost? Can your systems deliver that information?

Former client issues a SAR. You have purged your systems and have kept a record of minimal information about deleted contacts in a “suppression list”. This list is legally defensible (and recommended by the Information Commissioner’s Office, the ICO) and means that when Former Client raises an SAR a quick reference to the suppression list will allow you to honestly and legally respond with a categorical “We hold no data on you”. Five minutes of resource? Less.

Holding the bare minimum of data can help your business mitigate so many legal obligations, it makes the true cost of “just in case” information quite high. (does this mean costs are less?? If yes, maybe the next opportunity is not needed to mention)

Opportunity number 3: -Trimming those costs down

Assuming you have managed to effectively take advantage of opportunities number 1 and 2, you managed to transform your business into one which not only is compliant with the GDPR laws, but also manages to operate under lower cost, more targeted communications and have also saved time, awesome!

You are now in a very good position and you are ready to attract more customers. Let’s suppose for a second that your competitor has had a data breach, has lost reputation and is losing customers. If your service is above average, then the customer is highly likely to switch to your offerings. Think of GDPR as a simple tool helping you attract more customers; if your service is good enough you are also going to retain them.

Opportunity number 4: – Focus on the 2%-

Think about your database for a second. You may not remember the exact figure now so let’s say they are 100,000 contacts. You email them, religiously, every week. Every week you have a “hit rate” of 2,000 replies (2%).

Now imagine, how many contacts have put your email address in their junk folder?

How many email addresses are still ‘live” but no one checks them?

Don’t get sad. A 2% hit-rate on emails is not fantastic and you are probably going to wonder where did the 98% go. Yet, organisations who take a more mature view (“size isn’t important”) and focus on the hard-core of active respondents will be able to direct their attention and achieve real value from their engagement with people who actively involve themselves in the messaging.

You are still thinking about that 98%, aren’t you? Stop.

GDPR should help you realise that this 2% of respondents is where the gold is. These are people who have read and replied to the message. Are they 100% certain to buy immediately?

Yes, no, maybe.

What they are doing, though, is signalling that your business is worth their time. Taking that simple feedback and building a trusted relationship, based on a two-way communication can strengthen the relationship between buyer and seller. If you are, or appear to be, the “good guys” then you are more likely to receive a personal recommendation –which as you probably know is the best form of sales-. So, even if your product is not exactly what the client is looking for at this time, they are definitely going to consider your offerings in the future and your business will hopefully be recommended to others as soon as the need for it arise.

Who wouldn’t want to deal with someone who respects them and appears – at least – to be selfless in their efforts to help?

Opportunity number 5: Be the trustworthy option

Given the present GDPR outbreak, customers are actively looking for assurances that their data will be safe. By meeting and surpassing GDPR regulations, your business will be able to stand stronger and this can help you differentiate from competitors. Think of your business as a bank which lets customers store their data; would you trust a bank having a reputation of losing data? No, I wouldn’t either. Ultimately, GDPR will bring a new level of transparency which could lead to customers trusting brands more and having the confidence to share more data. Its definitely an opportunity, not a threat.

The UK’s largest network of insurance brokers, recently said that GDPR is “an opportunity for them (brokers) to go out and speak to their customers”. You have the chance to get to know your customers on a new level; apply that to your marketing and sales, offer a clearer service and protect your reputation.

Finally,

The difference between the ones who view GDPR as a game-changing opportunity rather than an existential threat is that some will attract customers and some will lose customers. Well yes, that’s the normal way business is done but with GDPR this process can be a lot faster. One single incident of a data breach within a business can lead to x more customers leaving that business while a GDPR-compliant business can attract 10x more customers. Because customers are feeling as threatened as you are (or hopefully were, before reading this) and they are thus a lot more likely to easily switch to another provider.

Turn the 4% around as an incentive to improve profitability; adopt good data hygiene and governance. Being GDPR compliant should not come up as news for anyone. The laws included are essential tools for healthy and fresh businesses. Get rid of the fear around regulations and make your business GDPR compliant today. Try and think of GDPR as a consultant; by following his advice and taking advantage of the opportunities he brings to the table, you can achieve more and better business, why would you ignore his advice?